ISLAMABAD - Finance Minister Asad Umar said Monday that federal cabinet had decided to form a task force with the mandate to bring laundered money back to Pakistan.

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“First decision of Prime Minister Imran Khan’s cabinet is to form a task force to bring the laundered money back to Pakistan,” said the finance minister while talking to media after assuming the charge yesterday. He further said that task force had been given two weeks time to present the strategy to bring back the looted money to the country.

Umar said that they did not have the exact amount, which had illegally transferred by Pakistanis to other countries. Pakistanis had invested $8 billion in Dubai’s property market as according to the United Arab Emirates authorities, he informed. In 2014, the then finance minister Ishaq Dar had informed parliament in writing that Pakistanis had stashed about $200 billion in Swiss banks. The minister said he did not have exact figure on this account but this upcoming task force going to be constituted under the PTI regime would scrutinize the whole details and would recommend ways and means to repatriate stashed amount running into billions of dollars.

Finance Minister said that federal cabinet had not given approval to launch investment bonds for overseas Pakistanis. However, he said that PTI-led government would launch investment bonds for overseas Pakistanis. The bond would be alike Central Directorate of National Savings (CDNS) launching dollar-denominated bond for attracting investment from millions of overseas Pakistanis.

He further said that government would not terminate the workers of Pakistan International Airlines (PIA) and Pakistan Steel Mill (PSM). The workers of PIA and PSM were not responsible for the massive losses.

Earlier, Finance Minister Asad Umar assumed responsibilities of his office. The minister, soon after his arrival, chaired a meeting of the senior officials of the Ministry of Finance. He was given briefing on the overall working of the ministry, its different wings and sub-ordinate offices. The minister, on the occasion, reiterated the government’s resolve to take concrete steps for strengthening country’s economy. He called upon the officers to work as a team and contribute their best to that end.